Korea Times forum sheds light on Yoon-era policy direction

Korea Times Chairman Seung Myung-ho delivers a welcoming address during the 2022 Korea Times Forum held at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

By Lee Min-hyung

Experts shed light on how they view the new Yoon Suk-yeol administration should present its economic policy direction during the 2022 Korea Times Forum, Tuesday.

Business moguls and leaders of foreign chambers of commerce in Korea spoke out on pending issues that the Yoon administration needs to address such as environmental, social and corporate governance (ESG) and digitalization.

The forum, titled "Policy Suggestions to Yoon Government," started with a welcoming address by Korea Times Chairman Seung Myung-ho who underscored the urgent need to tackle escalating business uncertainties here in the wake of the pandemic.

"Even if we are getting out of the dark tunnel of the COVID-19 pandemic, the economy is still faced with big obstacles and difficulties at the same time," he said during the forum held at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul.

"The business circumstances remain tough amid soaring prices and household debts here. The slowdown in consumer demand and the rise of labor costs also come as a pressure to the business community."

Seung went on to address the worsening business environment amid growing geopolitical risks surrounding North Korea's nuclear threat and the ongoing war between Ukraine and Russia.

"Coupled with the escalating sense of global geopolitical crisis, the overseas business environment is getting worse amid the U.S. Federal Reserve's rate hikes, crude oil price hikes and global supply chain disruptions," Seung said.

Korea Times Chairman Seung Myung-ho, center, talks with Seoul Mayor Oh Se-hoon, right, during the 2022 Korea Times Forum at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Tuesday. On the left is Minister of Trade, Industry and Energy Lee Chang-yang. Korea Times photo by Shim Hyun-chul

The Korea Times hosted the forum to discuss the future policy direction of the Yoon administration, so Korean companies can seek a breakthrough despite such unfavorable business circumstances here and abroad.

"Korean firms are also facing a crucial task of fulfilling the ESG management," Seung said. "An ESG campaign by global companies to achieve 100-percent renewable energy transition by 2050 also comes as a big burden to local firms."

He called on the government to play a proactive role for local firms to deal with multiple business uncertainties.

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"Korean companies stand at a critical juncture after the inauguration of the Yoon administration," he said. "The role of the government is more important now than ever before, so as for Korea to become a hub for global business and for local companies to take a great leap forward."

Among the distinguished guests of the forum were ranking government officials ― including Seoul Mayor Oh Se-hoon, who delivered a congratulatory speech, and Minister of Trade, Industry and Energy Lee Chang-yang, who gave an opening speech.

A keynote speech was then delivered by Global Managing Partner Bob Sternfels of McKinsey & Company, which had jointly planned the 2022 Korea Times Forum. He discussed the importance of sustainability and digital transformation.

Two McKinsey partners led the first session of the forum. Choi Seung-hyuk delivered a lecture on corporate sustainability and ESG, and Pooya Nikooyeh brought up the agenda of Korea's digital imperative.

American Chamber of Commerce in Korea Chairman James Kim speaks during the second session of the 2022 Korea Times Forum at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

The second session was moderated by McKinsey partner Park Joong-ho. Four panelists included American Chamber of Commerce in Korea chairman James Kim, Korea Chamber of Commerce and Industry executive vice chairman Woo Tae-hee, Korean Academic Society of Business Administration president Han Sang-man and European Chamber of Commerce in Korea chairperson Dirk Lukat.

The panelists exchanged ideas on ways to make Korea into a global business hub.

Attendees spoke highly of the insightful lectures and the hour-long panel discussion.

"The 2022 Korea Times Forum provided me a chance to see the vision and direction of the new government, also with a great opportunity to gain insight into sustainable values and digital transformation," S-Oil CEO Hussain A. Al-Qahtani said. "S-Oil will also continue to make efforts to contribute to the sustainable growth of our society through ESG management."

Martin Henkelmann, president of the Korean-German Chamber of Commerce and Industry, said the forum was well-timed amid the inauguration of the new government last month.

"It was a very interesting forum focusing very timely on the key issues like the ESG, digitalization and policy suggestions for the new government," he said.

Korea Exchange Chairman and CEO Sohn Byung-doo said the event was meaningful amid the ever-growing importance of ESG criteria here and abroad.

"With overseas business leaders and representatives of chambers of commerce reiterating the significance of fulfilling the ESG, the forum has helped raise awareness of the ESG among Korean companies," Sohn said.

Korea's industry officials who joined the event said the forum gave them a chance to take ESG and digital transformation more seriously.

"Receiving detailed insight on the agendas from ranking business officials from abroad was particularly a good opportunity," an official from Hana Financial Group said.